In today’s digital age, protecting your credit is more critical than ever to safeguard against identity theft and fraud. There were 1,862 credit breaches in 2021 with 298 million consumers exposed and that increased to 3,205 data breaches in 2023 with over 353 million consumers exposed. One of the most effective ways to secure your credit is by freezing your credit file with each major credit bureau. A freeze restricts access to your credit report, preventing unauthorized individuals from opening new credit accounts in your name, whether fraudulently or legitimately.
Benefits of Freezing Your Credit and the Credit of Your Children and Family:
- Protection Against Fraud: Freezing your credit reduces the risk of someone creating a fraudulent credit account in your name, providing peace of mind and security.
- No Impact on Credit Score: Freezing your credit won’t affect your credit score or existing credit accounts, ensuring financial stability.
- Free Service: Credit freezes are now offered for free by credit reporting agencies, making it accessible to everyone.
- Indefinite Freeze: In most states, credit freezes last indefinitely until lifted, offering long-term protection.
- Freezing the Credit of Your Children and Family is Essential: Financial and credit fraud is on the rise and unfortunately children and the elderly are being targeted. The 2022 Elder Fraud Report reveals an eye watering 84% increase in total losses to seniors from the previous year’s report.
Considerations Before Freezing Your Credit:
Experian will “FREEZE” your credit for free but charges you to “LOCK” with its monthly paid premium service. If you want the free service, be sure to search for the credit freeze option, not the lock option.
How To Freeze Your Credit
To initiate a credit freeze, contact each major credit reporting agency either online, by phone, or by mail. By taking this proactive step, you can mitigate the risks associated with identity theft and fraud. For more information on securing your credit if you are considering a home mortgage now or in the future, feel free to reach out to Mike Peacore at Blue Square Mortgage at (206) 352-6453.
- Equifax – https://www.equifax.com/personal/credit-report-services/credit-freeze/ To create an account or call (888) 298-0045
- TransUnion – https://www.transunion.com/credit-freeze To create an account or call (888) 909-8872
- Experian – https://www.experian.com/freeze/center.html To create an account or call (888) 397-3742
Remember, protecting your credit is an essential aspect of financial well-being in today’s interconnected world.
For more information on securing and monitoring your credit, or to obtain a home mortgage, contact Mike at Blue Square Mortgage at (206) 352-6453. Whether you are considering a home mortgage now or in the future, expert guidance on credit management is essential for making informed financial decisions. Feel free to reach out anytime for further assistance with managing your credit and exploring home mortgage options.
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